People's Pilot, Volume 3, Number 29, Rensselaer, Jasper County, 5 January 1894 — A RAY OF LIGHT. [ARTICLE]

A RAY OF LIGHT.

Only a Straw in the Breeze. But It Shows a Silver Lining in the Financial Clouds. Senator Voorhees has introduced a bill into the United States senate which provides for the coinage of the seigniorage of the silver bullion now in the treasury and which is generally construed to have the sanction of the administration. The measure, of course, writes the Washington correspondent of the St. Louis Republic, is not satisfactory to the free coinage men or the extreme advocates of the white metal, but moderate men generally construe it to be a step in the right direction. It is also admitted to be in part a redemption of the promises made by the friends of the administration during the fight for the repeal of the purchasing clause of the Sherman act that the administration in its own good time would do something for silver and prove that it was not unfriendly to the white metal. The seigniorage amounts to nearly $64,000,000. According to the Voorhees bill it shall be coined at the rate of $2,000,000 per month.- It also provides for the appointment of a commission of five to join with other nations in an effort to induce international consent to the re- • monetization of silver. All national bank notes, gold notes and coin under $lO are to be withdrawn from circulation, so that all transactions under $lO shall be\conducted on a silver basis. The in the nature of a surprise in the Senate, as it was not expected. Mr. Voorhees was warmly congratulated by Mr. Berry and other friends of silver on the introduction of the measure. Voorhees reminded them that he always said that he was a friend of silver and that during the debate on the repeal bill he had time and again said to his friends that when that measure was out of the way he would prove that he wa s silver’s friend. Mr. Voorhees does not say that he introduced the measure at the request of the secretary or the president, but it is generally understood that the measure had the sanction of the president and will be approved by the administration if it becomes a law. Perhaps it may be the basis for a larger measure, and in the course of discussion and amendment it might be enlarged upon and the coinage of more silver dollars agreed upon.